What is Reef Finance (REEF)?
Reef Finance is a blockchain-based decentralized platform that facilitates DeFi services and products. It is said to be the first cross-chain trading platform that operates with centralized and decentralized exchanges while providing the best yield rates for traders and support for DeFi decentralized applications. Reef Finance also provides the Reef Yield Engine, which allows users to get involved with smart borrowing and lending, mining, staking, and other activities, powered by artificial intelligence.
Reef Finance had also launched its own smart contracts blockchain called Reef Chain. Reef Chain is compatible with the Ethereum Virtual Machine and it aims to enable developers to transition to Reef Chain and host their Ethereum-based applications on the chain. Reef Chain offers a multitude of features for Dapp developers, scalability, and low fees.
In general, Reef Finance is attempting to filter the best opportunities in DeFi so investors and traders can get the most out of their trading ventures and other DeFi services. The market of blockchain and decentralized finance is becoming saturated with numerous tokens, cryptocurrencies, and investment opportunities, which is why it is increasingly important to simplify these opportunities. Reef Finance does this by aggregating new opportunities within a single ecosystem. REEF is the utility token of the Reef protocol and serves as the main payment method and the official store of value in the Reef ecosystem.
How Does Reef Finance Work?
Reef Finance is a cross-chain blockchain platform that is designed to pull liquidity from many sources, which is how the system facilitates cross-chain trading across different DeFi platforms such as Aave, Uniswap, Synthetix, and Compound. This is how Reef Finance enables users to find the best possible yield rates while stabilizing liquidity on the network. Cross-chain connections with other DeFi platforms is enabled through the use of the Reef Basket Engine, which contains the Reef Intelligence Engine and the Reef Smart Yield Engine.
The Reef Smart Yield Engine is designed to create baskets of digital assets that users can invest in while earning a yield, powered by artificial intelligence and machine learning for advanced automation. Users can trade and stake their tokens, while keeping full control. The Reef Smart Yield Engine contains features that facilitate democratization, decentralization, and community-driven governance. It offers support for staking, multiple assets, liquidity farming, integrations, and insurance.
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The Reef Intelligence Engine is an oracle that sources data for the on-chain proxy which provides users with real-time data such as asset prices, live changes, and activities in the liquidity pool. The two engines work simultaneously to support the Reef Basket Engin while enabling yield automation, rebalancing, and allocation of crypto assets.
Who Are the Founders of Reef Finance? (History of Reef Finance)
Reef Finance was founded in 2019 by Denko Mancheski who has a strong background in crypto. Mancheski, born in Macedonia, was previously Chief Technology Officer at Adel, which is a global cryptocurrency incubator for blockchain innovation. The main goal of Reef is to simplify trading and avoid the complexities of order books.
Mancheski created the project with the idea of lowering the barrier for investing and enabling newcomers and inexperienced traders to invest in various cryptos with automated liquidity and yield rewards. Reef continues to develop and evolve while partnering and integrating with other prominent projects in the sector of DeFi.
What Makes Reef Finance Unique?
Reef Finance offers users access to multiple platforms such as Binance Smart Chain, Ethereum, Plasma, Moonbeam, and Avalanche thanks to the way the protocol is built on Polkadot. That is how users can access multiple platforms without the need to create numerous accounts and passwords. Reef is a unique project as it allows users to operate across multiple chains from a single blockchain-based ecosystem.
At the same time, the unique nature of Reef is evidenced by its goal of providing users with scalability and low fees on the network, thus addressing otherwise high gas fees on Ethereum and the inability to scale properly amidst congestion. Users can earn yield at the best rates, and invest in cryptocurrency from a single account across multiple platforms with other DeFi services like staking, liquidity mining, borrowing, and lending.
What Gives Reef Finance Value?
Reef Finance draws value from its technical capacity, technology, use cases, and the relevancy of the project in general. Reef Finance operates in the sector of DeFi that is becoming increasingly popular, which adds to its intrinsic value. The intrinsic value of Reef Finance and other crypto projects often doesn’t coincide with the market value of their respective cryptocurrencies.
The value of REEF tokens is subject to frequent and often radical market changes and trend reversals, which can make REEF underbought or overbought with regards to its intrinsic value. As the project is becoming more popular and more people are joining the ecosystem, the price of REEF may rise as a consequence to match its real-life value.
How Many Reef Finance (REEF) Coins Are There in Circulation?
There are currently REEF in circulation out of a total of REEF. Reef Finance (REEF) has a limited total supply, much like Bitcoin and many other cryptocurrencies that use a capped supply as an anti-inflation mechanism. The finite supply means that there should be no new REEF tokens minted once the supply is exhausted, which is how devaluation is prevented. The emission schedule will see tokens gradually released into circulation until the end of 2025, but as transaction fees are burned, REEF is actually deflationary.
The number of REEF coins in circulation multiplied by the current price of Reef Finance in the market is equal to the market cap. The market cap ranks Reef in comparison with its crypto peers and also determines its dominance and market share.
Other Technical Data
REEF is a multi-purpose utility token. It has a role in the governance of the network and can be staked, used to pay for fees on the network, and traded in the market of cryptocurrencies. REEF is also the centerpiece of the reward system on Reef Finance.
When it comes to the characteristics of the system, Reef has Solidity support for Ethereum-based Dapps, which means that users can transition to Reef without changing the base code of their decentralized applications. Reef also enables forkless upgrades, which means that the network is easily upgradable. Scalability, high transaction throughput, liquidity bridges, and staking are other key elements to the technical capacity of Reef Finance.
How is the Reef Finance Secured?
Reef Finance is based on the Nominated Proof of Stake consensus mechanism and is secured through the shared security model hosted on the Polkadot network. Reef Finance is built on Polkadot, which is how the network is also secured through a mutual security mechanism. Reef also has a decentralized autonomous organization to aid in securing network operations, with the DAO being run by REEF holders.
The network is secured by Validators and Nominators, while the Nominators choose who validates the network at the end of every block production.
How to Use Reef Finance
Reef Finance can be used for staking, liquidity mining, trading and investing, yield rewards, operating with Dapps, and other DeFi services and products that can easily update on the highly upgradable, forkless network. Users can access multiple blockchain environments within a single DeFi ecosystem and get the most out of their trading as the network finds the best yield rates through an automated process.
The REEF token can be used in the governance of the network, staking, paying fees, borrowing, lending, and liquidity mining. Traders can also trade REEF in the crypto market for a profit.
How to Choose a Reef Finance Wallet?
There are plenty of places you could store your REEF and the type of wallet you choose will likely depend on what you want to use it for and how much you need to store.
Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical knowledge and are a more expensive option. As such, they may be better suited to storing larger amounts of REEF for more experienced users.
Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of REEF or more novice users.
Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your REEF, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.
Kriptomat offers a secure storage solution, allowing you to both store and trade your REEF tokens without hassle. Storing your REEF with Kriptomat provides you with enterprise-grade security and user-friendly functionality.
Buying and selling REEF, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.
Reef Finance Proof of Stake
Reef Finance operates on Polkadot and uses the Nominated Proof of Stake consensus mechanism, which is a variation of the traditional PoS protocol.
Proof of Stake networks are, in general, more cost-effective and efficient when it comes to energy consumption than networks that run on Proof of Work, like Bitcoin or Ethereum.
Reef Finance simplifies the use of DeFi applications, products, and services, while lowering the entry barrier for cross-chain trading and investing in digital assets. The protocol allows users to find the best rates when trading thanks to cross-chain operations and interoperability.
As the project continues to develop with maximum upgradability with no forking required, the dev team behind Reef Finance addresses the untapped potential of user-friendly DeFi that is suitable for inexperienced users as well as for more seasoned traders and investors.
Join the crypto revolution and start your Reef Finance journey today!
Reef Finance FAQ
Is REEF an ERC-20 token?
REEF is available as an ERC-20 token which can be traded on external exchanges. ERC-20 REEF is convertible 1:1 with native Reef Chain REEF tokens, which can be used to participate in on-chain governance to earn rewards.
What are Reef Bonds?
This DeFi initiative enables users to stake one type of token for a given lock-up period in order to farm a different type of token. The first such bond was the Reef-Litentry Bond, which was issued on Ethereum. Reef Finance has since made Reef Bonds available on the Binance Smart Chain.
How to buy Reef Finance?
Buying REEF is as easy as visiting Kriptomat’s how to buy Reef Finance page and choosing your preferred method of payment.
How to sell Reef Finance?
If you already own REEF and hold it in a Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.
Reef Finance Price
Reef Finance price is in constant flux, which means that the price of REEF depends on numerous specific factors that may affect its value. Volatility is one of the strongest elements in the crypto market, and can often push the price of REEF to radical dips and spikes. You can keep up with live REEF prices on Kriptomat.
As well as traditional factors such as market sentiment, the flow of assets on exchanges, and the economy in general, the price of REEF is also influenced by the level of activity on Reef Chain and the token’s deflationary supply.
The current Reef Finance price is EUR.
The 24-hour trading volume of REEF is EUR. REEF is currently ranked of all cryptocurrencies by total market capitalization, with a market cap of EUR. It has a circulating supply of REEF and a max supply of REEF.
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